JAKARTA (Yosefardi) – While investors opted to lock in profits in banking stocks after recent substantial gains, some investors focused buying property stocks this morning.
At 9.55 am Jakarta time, Lippo Karawaci jumped 6.6% to Rp1210 per share. The stock had gained 30% from Rp930 early this month, after traded flat since December 2013.
While Alam Sutera gained 3.15% to Rp655 per share, consistently gaining from Rp425 per share at 7 january 2014.
Other property stocks, Bumi Serpong Damai rose 2.07% to Rp1725, Pakuwon Jati increased 2.38% to Rp387, Ciputra Development surged 4.85% to Rp1190, and Agung Podomoro advanced 2.43% to Rp295.
Investors expects Bank Indonesia will in near term cut its benchmark BI Rate from current 7.50% along with the improving economic growth, declining inflation, and rupiah appreciation.
Composite index of the Indonesia Stock Exchange (IDX) gained 0.42% to 4899, reversed earlier losses.